Why Millennials are choosing sectional title homes
Category Sectional-title Advice
Youth Day is a time to reflect on the strides young people have made. For local Millennials (aged 26-40), owning a home is a great aspiration. And they're making it happen. BetterBond statistics show the average age of first-time buyers is now around 34. In keeping with their outlook and goals, Millennials are flocking to sectional titles. 2015 to 2017 saw this generation buy 60% of these properties. Here's why.
Millennials enjoy convenience
Comfort is key for Millennials and they're not afraid to ask for it. Buying a sectional title home gives them access to the amenities they appreciate. These can include gyms, swimming pools, and clubhouses. A well-located sectional title home can also be a stone's throw away from popular Millennial spaces like restaurants, shopping centres, and parks.
Millennials like to travel
Millennials yearn to drop everything and set out on an adventure. Living in a sectional title home offers this freedom. These properties often boast top-notch security, ensuring the safety of one's possessions. Neighbours also live in close proximity so there's usually someone around who can keep an eye out for burglars.
Millennials demand affordability
South Africa's rising cost of living is a challenge for young people today. Budget-friendly sectional title living is their top choice. As the owner has to maintain just the interior, the upkeep can be much easier. Millennials also appreciate that the cost of the common areas is shared with other owners.
Millennials want a good work/life balance
With active lifestyles, Millennials are always in search of balance. By having amenities they like close by, sectional title homes cut transport costs. After a session at the property's gym, for example, they can spend more time with family and friends.
Millennials are big on socialising
Millennials tend to be more social than their parents. The close proximity of sectional title homes helps create the kind of community Millennials thrive in. Whether it's playing cricket, popping in for coffee, or taking a stroll around the property, Millennials interact with their neighbours and form strong bonds.
Millennials are socially conscious
Making a positive impact in the world is a defining Millennial feature. Buying a sectional title home helps them embrace their ideals. With their favourite amenities close by, travel time is cut down. This reduces their carbon footprint. They're also near like-minded individuals who can join in on charitable initiatives.
Millennials are tech-savvy
Since they were born, many Millennials have had their experiences shaped by technology. Their tech-driven natures extend to their choice of home. Sectional title properties often boast WIFI, CCTV, and fingerprint scanners which appeal to this generation. This tech helps them lead more enriching lives.
Millennial homebuyers, invest now
If you're on the property prowl for the first time, you're in luck. It's the best period to snap up a sectional title home. South Africa is currently in a buyer's market, giving you an advantage when making a purchase.
The country has experienced four repo rate cuts this year. This makes it easier for you to qualify for a home loan and monthly home loan repayments more affordable. If you take a home loan of R1 million, for example, you'll pay roughly R300 less per month.
The National Treasury also increased the transfer duty threshold to your benefit. If you buy a property valued at less than R1 million, you won't need to pay transfer duties.
Finally, the COVID-19 lockdown kept properties off the market. With real estate professionals back in action, there are more sectional title properties being listed. This gives you a better choice so you can find your dream sectional title home.
Buying your first property is an exciting moment in your life. We'd love to share your journey. As specialists in the sale of sectional title homes, we can guide you through the process. Get in touch with De Lucia Group today or call Michael De Lucia directly on 082 493 1089.
Author: De Lucia Group
